A former Intel Corp. design engineer has been charged with allegedly stealing $1 billion worth of trade secrets relating to the semiconductor company's next-generation Itanium microprocessor.

A federal grand jury in Massachusetts on Wednesday indicted Biswamohan Pani on five counts of stealing trade secrets and wire fraud for violating Intel's confidentiality agreements.

While working at Intel's Hudson, Mass., office, Pani obtained employment with Advanced Micro Devices Inc., an Intel competitor, and stole top-secret documents from Intel, according to the FBI affidavit in the case. AMD has not been implicated in the case, and there's no evidence that Pani shared the information with that company or any other.

Pani's attorney, Bradford Bailey, denied the charges, telling ABC News, "Mr. Pani will be pleading not guilty at his upcoming arraignment. He denies the charges and will vigorously defend them."

The indictment alleges that Pani, 33, began looking for employment outside of Intel in February of this year, and was offered a job with AMD the following month. Pani kept delaying his start with AMD and did not leave Intel until June.